Wound Closure Market Size is Projected To be Around $15 Billion By 2025
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A research study titled, Wound Closure Market by Product and Application - Global Industry Analysis and Forecast to 2025” published by Crystal Market Research, states that the wound closure market is projected to be around $15 billion by 2025.
Chronic wounds are hard-to-heal wounds that proceed through the repair process without exhibiting a sustained and functional result. Complications of chronic wounds include different infections such as infective venous eczema, cellulitis, gangrene, lower-extremity amputations, and hemorrhage. Chronic wounds significantly impact the health and the quality of life of the patients and their families due to the low base rate of complete healing. They can lead to pain, loss of mobility and function, distress and anxiety, depression, social isolation and embarrassment, prolonged hospital stays leading to financial burden and even death. According to California Podiatric Medical Association (CPMA), 15% of people diagnosed with diabetes tend to develop a foot ulcer and 14 to 24% patients affected by foot ulcers will require amputation during their lifetime. Pressure ulcers and diabetic foot ulcers are long-lasting wounds instigated by elevated pressure and reduced angiogenic response i.e., less formation of new blood cells. Diabetic foot ulcers are categorized by redness, unusual swelling and odor from feet that are a few early symptoms.
A few of the key factors propelling the growth of wound closure market are the increase in demand for less invasive procedures, predominance of chronic diseases across the world, and enhanced technology in wound care products. As per NCBI, pressure ulcers happen in 30 to 85% of patients suffering from spinal cord injuries, within the first month of injury. Development of cost effective products directed towards particular wounds will lead this market further. Therefore, cost efficiency and enhanced technology coupled with odor and pain control are a few prime factors which will rule the evolution of wound closure market in the coming years.
Moreover, increasing aging population vulnerable to chronic diseases such as diabetes leading to the heightened risk of chronic wounds will further contribute to the market growth. The global share of older people increased from 9.2% in 1990 to 11.7% in 2013 and will reach 21.1% by 2050 (Source: United Nations Department of Economic and Social Affairs). Further, it states that the number of older people is projected to reach 2 billion in 2050 from 841 million people in 2013. However, high cost of wound closure products and technical assistance for using these products will hamper the market growth.
Increased focus of key players on the development of innovative wound closure products to meet the unmet medical needs will further propel the market growth. For instance, in March 2017, Izun Pharmaceuticals Corporation obtained FDA approval for Curasite Wound Care Hydrogel for the treatment of leg ulcers and diabetic foot ulcers. Major players operating in this market are Smith & Nephew PLC, B. Braun Melsungen AG, 3M Company, Baxter International Inc., DeRoyalIndustries, Inc., Johnson & Johnson Services, Inc., Medtronic plc, CryoLife, Inc., Derma Sciences Inc. (acquired by Integra LifeSciences Holdings Corporation) and BSN medical GmbH (acquired by SVENSKA CELLULOSA AKTIEBOLAGET SCA (publ)).
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Key Findings of the Research Study:
- Increase in cases of road accidents and traumatic injuries are expected to largely contribute to the growth of wound closure market in coming years.
- With development of advanced wound closure products that effectively reduce the time to heal the wounds, the adoption of wound closure products is set to increase considerably during the forecast period.
- North America dominated the global wound closure market in 2016 due to increasing incidence of lifestyle disorders such as diabetes and growing geriatric population in the region.
- Asia-Pacific wound closure market is projected to witness significant growth during the forecast period owing to high prevalence of unmet medical needs in the region, increasing disposable income and efforts to improve healthcare infrastructure in developing countries such as China and India.